The copper market is red hot right now. The price of copper has rallied to the highest in more than two years, breaking resistance around 6500 USD per tonne and opening up with the upward price gap of more than 200 USD per tonne. The price is very vulnerable to the increased risks over supplies from South America which are related with disputes about wage offers and also coronavirus among employees from top mines on the continent. There is also a positive aspect from the demand side, ahead of GDP data from China on Thursday. Market consensus indicates that there will be two-digit quarterly rebound of GDP. Is is also worht to note that along with copper, the price of silver has broken 19 USD per once.
The price of copper opened with huge positive gap, breaking 6600 USD per tonne, the highest in more than two years. Source: xStation5
This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.